Thursday, October 29, 2020

UK: PRA Writes to Banks on Prudential Supervision of Money Laundering and Terrorist Financing Risks


The Prudential Regulation Authority has published a “Dear CEO” letter sent to all PRA-regulated banks and investment firms (firms that are subject to the Capital Requirements Regulation) on the prudential supervision of money laundering and terrorist financing risks.

The PRA reminds firms of the Opinion published by the European Banking Authority on July 24, 2019, which invited national prudential supervisors to (i) make clear to institutions the expectation that prudential supervisors should be aware of AML/CTF risks that may affect the institutions they oversee; and (ii) notify institutions that AML/CTF concerns will be taken into account in determining prudential supervision.

The PRA states that it is fully supportive of the EBA’s Opinion and that the PRA will continue to consider money laundering and terrorist financing concerns in its prudential assessments of firms, especially those stemming from AML/CTF authorities’ assessment of these risks.

The PRA also reminds the CEOs that a firm should ensure that its management and senior members are fit and proper and have robust governance arrangements, including effective processes to identify, manage, monitor and report the risks to which it is or may be exposed, including money laundering and terrorist financing risks.

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Firms are also reminded that the senior management responsibility for financial crime under the Senior Managers Regime must be allocated to individuals of sufficient seniority to perform the role effectively.

View the PRA letter

View details of the EBA’s Opinion.

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